| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| 2432 | 3765 | 3668 | 2121 | 3635 | | 3632 | |
| TSE:2432 | TSE:3765 | TSE:3668 | TSE:2121 | TSE:3635 | | TSE:3632 | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 2.0% | 0.4% | -7.8% | 0.4% | 16.8% | | -2.9% | |
| 3Y CAGR | -0.1% | -0.3% | -11.2% | 7.2% | 11.9% | | 2.6% | |
| Latest Twelve Months | 8.5% | -17.3% | -12.9% | 3.2% | -15.6% | | -17.3% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 8.0% | 26.0% | 12.9% | 16.0% | 41.3% | | 11.2% | |
| Prior Fiscal Year | 3.7% | 22.2% | 8.6% | 16.9% | 49.9% | | 16.6% | |
| Latest Fiscal Year | 0.5% | 16.9% | -4.6% | 13.1% | 33.7% | | 9.8% | |
| Latest Twelve Months | 29.7% | 16.9% | -6.3% | 17.0% | 30.6% | | 10.1% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 2.17x | 0.83x | 0.18x | 0.87x | 6.24x | | 0.65x | |
| EV / LTM EBIT | 7.3x | 4.9x | -2.8x | 5.1x | 20.4x | | 6.4x | |
| Price / LTM Sales | 2.67x | 1.59x | 2.47x | 1.51x | 8.59x | | 1.60x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 0.18x | 0.87x | 6.24x | | | | | |
| Historical EV / LTM Revenue | -0.08x | 0.40x | 1.35x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 0.65x | 0.69x | 0.72x | | | | | |
| (x) LTM Revenue | 59,802 | 59,802 | 59,802 | | | | | |
| (=) Implied Enterprise Value | 38,955 | 41,006 | 43,056 | | | | | |
| (-) Non-shareholder Claims * | 34,729 | 34,729 | 34,729 | | | | | |
| (=) Equity Value | 73,684 | 75,735 | 77,785 | | | | | |
| (/) Shares Outstanding | 171.3 | 171.3 | 171.3 | | | | | |
| Implied Value Range | 430.24 | 442.21 | 454.19 | | | | | |
| FX Rate: JPY/JPY | 1.0 | 1.0 | 1.0 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 430.24 | 442.21 | 454.19 | | 559.00 | | | |
| Upside / (Downside) | -23.0% | -20.9% | -18.8% | | | | | |